Welcome to our dedicated page for General Motors Company news (Ticker: GM), a resource for investors and traders seeking the latest updates and insights on General Motors Company stock.
General Motors Company (GM) is a global leader in the automotive industry, dedicated to designing, building, and selling some of the world's best vehicles. Operating under four segments—GM North America, GM International, Cruise, and GM Financial—the company has a diversified portfolio that includes renowned brands like Chevrolet, Buick, GMC, Cadillac, and Holden. GM's vision is built on delivering vehicles with compelling designs, flawless quality, reliability, leading safety features, and advanced infotainment options. This commitment extends across 140 countries, unifying a team of world-class employees.
Established in 2009 after emerging from the bankruptcy of its predecessor, General Motors Corp., GM has since streamlined its operations, now focusing on four primary brands in the U.S. The company regained its market share leader position in 2022, holding a 16.5% share in 2023. Innovations in autonomous vehicle technology are highlighted through GM's Cruise division, which aims to restart driverless AV robotaxi services in at least one city by 2024, after a temporary halt in 2023.
Financially, GM remains robust. In the first quarter of 2024, the company reported $43.0 billion in revenue and a net income of $3.0 billion. These results are attributed to GM's strategic investments in EV technology, including the Ultium battery platform, which powers an expanding range of electric vehicles from mass-market to high-performance models.
Recent achievements include GM Defense's successful completion of the 2023 UAE Armed Forces Summer Trials with their Infantry Squad Vehicle (ISV). This demonstrates GM Defense's capability to deliver advanced, reliable off-road vehicles for military use. Additionally, GM Ventures invested in Neural Propulsion Systems (NPS) to enhance radar technology for automotive and defense applications. GM's initiatives in EV technology are also noteworthy, with the introduction of GM Energy's vehicle-to-home (V2H) bidirectional charging technology, starting with the 2024 Chevrolet Silverado EV.
Strategic partnerships and investments continue to play a vital role in GM's growth. Collaborations with companies like NPS and Mistral Inc. reflect GM's commitment to advancing automotive and defense technologies. The company's diverse product offerings and continuous innovation ensure it remains at the forefront of the automotive industry.
Ushr Inc. has significantly expanded its high-definition map database for General Motors (GM), now covering over 400,000 miles of roads across the U.S. and Canada. This enhancement doubles the coverage in the U.S. and triples it in Canada, facilitating the use of Super Cruise, GM's first true hands-free driver assistance system. Ushr's advanced mapping employs precise LiDAR data to improve ADAS safety and effectiveness, addressing the complexities of primary roads. This development underscores GM’s commitment to enhancing driver assistance technology.
General Motors Co. (NYSE: GM) has announced the reinstatement of a quarterly cash dividend of $0.09 per share, payable on Sept. 15, 2022, to shareholders of record by Aug. 31, 2022. The Board also approved increasing the share repurchase program from $3.3 billion to $5.0 billion. CEO Mary Barra highlighted a $35 billion investment plan through 2025 for expanding electric vehicle production and battery manufacturing. Recent milestones include a $7 billion investment in Michigan, strong demand for new EV models, and progress on battery plants expected to create thousands of jobs.
American Rheinmetall Vehicles and GM Defense LLC have formed a strategic collaboration to compete in the U.S. Army's Common Tactical Truck (CTT) program, aimed at replacing the Family of Heavy Tactical Vehicles. The Army anticipates purchasing approximately 5,700 vehicles valued at around $5 billion. The partnership leverages Rheinmetall's HX3 truck technology, emphasizing advanced capabilities such as mobility, cybersecurity, and fuel efficiency. The contract for prototype proposals is expected to be awarded in December 2022. This collaboration showcases GM's robust manufacturing prowess in military vehicle production.
General Motors (NYSE: GM) and INRIX have launched Safety View, a cloud-based analytics tool aimed at enhancing roadway safety. Available to transportation planners nationwide, Safety View provides insights using crash and demographic data to prioritize safety projects. A recent study in Washington, D.C. schools highlighted that speeding and crash severity were marginally affected by school zone designations. The initiative aligns with the $1.2 trillion Bipartisan Infrastructure Law, which allocates $5 billion for road safety projects, streamlining funding applications through its analytics capabilities.
General Motors Co. (NYSE: GM) has priced two series of senior unsecured fixed rate notes totaling $2.25 billion. The offering includes $1 billion in 5.40% notes due in 2029 and $1.25 billion in 5.60% notes due in 2032, with settlement scheduled for August 2, 2022. Proceeds will fund projects under GM's Sustainable Finance Framework. The company has filed a registration statement with the SEC regarding this offering.
General Motors Co. (NYSE: GM) has announced the launch of an offering of senior unsecured fixed rate notes. The proceeds will be utilized to finance or refinance projects under GM's Sustainable Finance Framework. A registration statement has been filed with the SEC, including a prospectus for this offering. Prospective investors can access more information via the SEC's EDGAR database or by contacting various financial institutions listed in the release. This press release does not constitute an offer to sell or a solicitation to buy these securities.
Livent and General Motors have announced a significant long-term agreement for Livent to supply battery-grade lithium hydroxide for GM's electric vehicles, made from lithium primarily sourced from South America. This multi-year contract, starting in 2025, aims to transition 100% of lithium hydroxide processing for GM to North America, supporting GM's goal of producing 1 million EVs by the end of 2025. Both companies emphasize their commitment to responsible sourcing and sustainability, with Livent also focusing on expanding its North American capabilities.
General Motors Co. reported second-quarter net income of $1.7 billion and EBIT-adjusted of $2.3 billion, aligning with its prior earnings update. Revenue increased to $35.8 billion from $34.2 billion year-over-year, but net income and EBIT margins dropped. Automotive operating cash flow fell to $3.5 billion, and adjusted free cash flow decreased to $1.4 billion. The company maintains a full-year net income guidance of $9.6 billion to $11.2 billion, with EPS-diluted guidance of $5.76 to $6.76.
GM Defense, a subsidiary of General Motors, has been awarded a contract by the U.S. Army to provide a battery electric vehicle, using the GMC HUMMER EV, for analysis and demonstration. This vehicle supports the Army's aim to reduce its reliance on fossil fuels. The GMC HUMMER EV features advanced battery technology, offering 1,000 horsepower and rapid charging capabilities. GM Defense's initiative is part of a broader strategy backed by GM's $35 billion investment in electric and autonomous vehicle technology, highlighting its commitment to innovation in defense applications.
EVgo has formed a significant partnership with General Motors and Pilot Company to deploy 2,000 charging stalls nationwide through the EVgo eXtend initiative. This collaboration will see the installation of 350 kW charging stations across 500 Pilot and Flying J locations, enhancing EV charging accessibility in over 40 states. EVgo will handle the installation, maintenance, and operation of the chargers, which supports GM's all-electric future vision while expanding EVgo's network. This project aims to alleviate range anxiety for EV drivers and promote the adoption of electric vehicles.
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